The Bank of Ghana has exposed over 400 illegal digital lending operators, underscoring the rising threat of unregulated financial services in the country’s rapidly evolving fintech sector.
The revelation was made by the Deputy Governor for Bank of Ghana (BoG), Matilda Asante Aseidu during her address at the FinTech Stakeholder Forum at the Movenpick Ambassador Hotel in Accra.
She noted that the joint operations between the Bank of Ghana, EOCO, and the Cyber Security Authority uncovered the illegal operators who were preying on unsuspecting borrowers.
“This serves as a wake-up call that integrity and innovation must advance together,” she warned, adding that unethical and unlicensed operators risk undermining the trust on which digital finance depends.
She urged industry players to innovate boldly but ethically and called on users to engage only with licensed platforms to protect themselves from exploitative lending practices.
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